Smartphone maker, Xiaomi is delving into electric cars investment with $10 billion over the next decade.
This development which is a subsidiary focused on the “smart electric vehicle business”, was revealed on Tuesday by one of the world’s biggest smartphone makers, Xiaomi.
According to the company whose initial investment will be worth 10 billion yuan ($1.5 billion), billionaire CEO Lei Jun, will led the company unit. This was disclosed by the company in a stock market filing.
Apart from smart phones, Xiomi is also known for the production of gadgets, home security cameras, electric shavers and toothbrushes, light bulbs, watches and scooters.
So far, the plan and strategy which the company intends to implore, in order to achieve their aim of entering the automotive industry, and whether it will focus on manufacturing, software, or both has not been disclosed.
Meanwhile, competitors such as, Tesla (TSLA), Volkswagen (VLKA), General Motors (GM), are obviously around the corner, waiting for Xiaomi as they unleash their plans.